CLASS RACER FORUM - View Single Post - Motorsports Recreational Vehicle Bill HF2447

Dustin Lindsey · 05-30-2014, 03:08 PM

Myron and Dale, yes and yes.
I have a stick-less car and tried to enter an event a few years ago. Nicest tech guy in D5 said NO. I had to put a Lucas sticker on to pass tech and make a pass. As regards the IRS rules "Does the time and effort put into the activity indicate an intention to make a profit?" No, I do not plan on winning and getting a check - duh.
"Losses beyond your control." Like him going .005 and I'm .050?!
"Have you changed methods of operation to improve profitability?" Every day!
"Do you have the knowledge needed to carry on the activity as a successful business?" Arguable.
"Have you made a profit in similar activities in the past?" Sure, won a few.
"Does the activity make a profit in some years?" At 1500 miles round trip @ $3.90 per gallon - RIGHT!
"Do you expect to make a profit in the future from the appreciation of assets used in the activity?" Always hopeful.
As long as I don't get the Barney Fife type on the freeway.

05-30-2014, 03:08 PM	#24
Dustin Lindsey Junior Member Join Date: Dec 2012 Posts: 7 Likes: 0 Liked 0 Times in 0 Posts	Re: Motorsports Recreational Vehicle Bill HF2447 Myron and Dale, yes and yes. I have a stick-less car and tried to enter an event a few years ago. Nicest tech guy in D5 said NO. I had to put a Lucas sticker on to pass tech and make a pass. As regards the IRS rules "Does the time and effort put into the activity indicate an intention to make a profit?" No, I do not plan on winning and getting a check - duh. "Losses beyond your control." Like him going .005 and I'm .050?! "Have you changed methods of operation to improve profitability?" Every day! "Do you have the knowledge needed to carry on the activity as a successful business?" Arguable. "Have you made a profit in similar activities in the past?" Sure, won a few. "Does the activity make a profit in some years?" At 1500 miles round trip @ $3.90 per gallon - RIGHT! "Do you expect to make a profit in the future from the appreciation of assets used in the activity?" Always hopeful. As long as I don't get the Barney Fife type on the freeway.